Prism Group's Daily Summary

U.S. SMALL BUSINESS EMPLOYMENT AND REVENUE DECLINED IN 2024 WITH SIGNS OF RECOVERY, FINDS INTUIT QUICKBOOKS SMALL BUSINESS ANNUAL INDEX REPORT... While overall employment is rising in the US, small business growth is lagging, indicating that jobs are moving from small businesses to larger businesses. The 2025 Intuit Quickbooks Small Business Index Annual Report found that small business employment declined by 51,200 jobs over the past 12 months while revenue declined by $11,850 per small business, on average. This was the largest year-over-year decline in employment since 2015 and the third consecutive year-over-year decline in revenue. And on an annual basis, all 12 sectors and four of the eight US regions the study covers show declining employment from October 2023 to October 2024.
TECH INNOVATORS SOUND ALARM ON TARIFF IMPACT AT CES 2025... At this years CES Trade Show, being held in Las Vegas last week, small tech companies are raising concerns about Donald Trump’s proposed tariffs, which could significantly impact their costs and operations. Many of these businesses rely on international manufacturing, particularly in China, and fear that higher import duties could drive up prices, limit innovation, and strain their ability to compete. The Consumer Technology Association (CTA) has warned that such tariffs could lead to higher consumer prices and even a potential economic downturn, and potentially stifle further innovation.
TRUMP STATES HE WILL CREATE A NEW GOVERNMENT AGENCY TO COLLECT REVENUE FROM FOREIGN SERVICE... President-Elect Trump announced on Tuesday that he will create a new government agency called the External Revenue Service, which will be focused on collecting tariffs, duties, and all other revenue from foreign sources. These responsibilities have traditionally been under the purview of the U.S. Customs and Border Protection. Trump’s commitment to finding new ways to increase government revenue is evident as he attempt to follow through on his campaign promises related to tariffs and international trade.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Thirty-nine states are in regular session.
WHAT WE'RE WATCHING:
Legislative staff in Washington’s Democratic and Republican caucuses have ratified two-year contracts after the state’s first-ever collective bargaining effort, which includes pay raises and improved grievance processes. Democratic staff missed a funding deadline for their agreements and will seek support from the Legislature and Governor Bob Ferguson (D) to secure funding.
Texas lawmakers are beginning the 89th legislative session with a $23.76 billion surplus and $195 billion in revenue for the next biennium. Comptroller Glenn Hegar praised Texas’ strong economy, driven by growth in sales tax revenue and capped investments in the Rainy Day Fund, while cautioning about slower growth compared to previous years.
LAWMAKERS... IN OR OUT?
The House... convenes today at 10:00 AM. The full schedule may be found here.
The Senate... convenes today at 12:00 PM. The full schedule may be found here.
HAPPENING ON THE HILL
The House...
Check back tomorrow for possible updates.
The Senate...
Committee on Judiciary will hold a hearing TODAY, 1/15 at 9:30 AM entitled “The Nomination of the Honorable Pamela Jo Bondi to be Attorney General of the United States."
Committee on Banking, Housing and Urban Affairs will hold a hearing Thursday, 1/16 at 10:00 AM entitled " Nomination Hearing."
Committee on Finance will hold a hearing Thursday, 1/16 at 10:30 AM entitled “Hearing to Consider the Anticipated Nomination of Scott Bessent, of South Carolina, to be Secretary of the Treasury."
BILLS OF INTEREST
Rep. Claudia Tenney (R-NY) introduced a bill to amend the Fair Labor Standards Act of 1938 to provide for the preemption of certain State overtime laws for agricultural employees.
Sen. Joni Ernst introduced a bill to require the head of each Executive agency to relocate 30 percent of the employees assigned to the headquarters of the Executive agency to duty stations outside the Washington metropolitan area, and for other purposes.
AT THE AGENCIES
The U.S. Department of Labor
The U.S. Department of Labor announced that its Employee Benefits Security Administration updated to its Voluntary Fiduciary Correction Program, providing employers and other plan officials with more efficient ways to voluntarily correct compliance issues in retirement, health and other employee benefit plans.
The U.S. Department of the Treasury
The U.S. Department of the Treasury’s Office Economic Policy released an analysis showing that the United States has done remarkably well in the recovery from the pandemic recession.
The U.S. Department of Commerce
Check back tomorrow for possible updates.
The U.S. Trade Representative
Check back tomorrow for possible updates.
The U.S. Small Business Administration
Check back tomorrow for possible updates.
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